“The Boy Band Con: The Lou Pearlman Story”: in the good old days. (Photo used by permission of YouTube, Pilgrim Productions & Lance Bass Productions)
Lance Bass is onscreen discussing Pearlman’s defrauding of the boy bands he formed, as is Bass’ mother and Justin Timberlake’s mother and several members of the boy bands N’Sync and The Back Street Boys, including A.J. McLean, Ashley Parker Angel, Chris Kirkpatrick, J.C. Chasez, Johnny Wright, Lynn Harless (Timberlake’s Mom), Aaron Carter, Nikki DeLoach and Diane Bass (Lance Bass’ Mom). Justin Timberlake does not appear in the film, except in old footage. Director Aaron Kunkel paints a picture of a very bright, but very dishonest man.
Pearlman used falsified Federal Deposit Insurance Corporation, AIG and Lloyd’s of London documents to win investors’ confidence in his “Employee Investment Savings Account” program. He used fake financial statements created by the fictitious accounting firm Cohen and Siegel to secure bank loans for his Airship Enterprises, Ltd. (Essentially, an airline without any planes). Trans Continental Records followed. The Backstreet Boys became the best-selling boy band of all time, with record sales of 130 million, hitting gold, platinum, and diamond in 45 different countries. Pearlman then repeated this formula almost exactly with the band *NSYNC, which sold over 70 million records globally.
Lou Pearlman is presented as a consummate ponzi scheme artist, with little emphasis in this documentary on the pedophile claims that came to light later, revealed in a Vanity Fair article, “Mad About the Boys” by Bryan Burrough (August 21, 2016.)
Pearlman died in prison 3 days before the article appeared, but he had denied such accusations of sexual impropriety in a 2014 Hollywood Reporter interview from prison. Pearlman’s death was caused by surgery to replace a heart valve, which he had undergone a week before his death. He developed an infection of the lining of the heart valve.
Defrauding people of over half a billion dollars through various schemes is what sent Pearlman to jail for 25 years, where he died at 62 on August 19, 2016. His tentative release date from prison would have been 2029.
The judge offered Pearlman one month off each year of his 25-year sentence for every million dollars recovered, but only $38 million dollars was ever recovered, most of it from the sale of Church Street Station, a historic train station in the heart of Orlando which Pearlman had purchased in 2002. That sale, alone, recouped $34 million.
Here, with Lance Bass shepherding this 99 minute project as Executive Producer and one of the principal talking heads exploring the Lou Pearlman phenomenon, the documentary is focused almost exclusively on how an overweight, relatively friendless man started two boy bands between 1993 and 2006. Other less successful bands followed. (Pearlman even asked the Judge, after his sentencing, to allow him Internet access from prison so that he could continue to manage. The judge declined).
After viewing “Finding Neverland” the idea of a rich, powerful and/or famous man in a position to advance the career(s) of young talent(s), causing naïve and gullible young people to be victimized, is not difficult to believe. It has occurred many, many times. Hollywood coined the term “the casting couch” for the promises made to innocent young actresses.
Lou Pearlman had been custom-fitting airplanes for famous bands to travel and became aware of the tremendous amounts of money these artists were making. He immediately set his sights on forming such a band and becoming a promoter.
The way in which he got the seed money to be able to underwrite expenses for the venture is pure Lou Pearlman: he defrauded an insurance company of $3 million by insuring a blimp he bought for $10,000. Pearlman painted the blimp gold to be used as advertising for Jordache. McDonald’s was another signed advertiser.
When the blimp crashed, Lou had his seed money; he used it to audition a $3 million-dollar talent search and form the boy bands that were then supplanting the Seattle grunge scene as those bands (think Kurt Cobain in “Nirvana”) fell victim to their own successes.
The members of the Back Street Boys and NSync fell victim to Lou Pearlman presenting himself as a paternal father figure, but also insisting that he was “the sixth member of the band”( much like Billy Preston was once dubbed “the Fifth Beatle.”) In Lou’s case, this meant a monetary cut equivalent to the young men who were practicing their dance moves 16 hours a day, but also cuts as the producer, marketer, etc. Lou Pearlman was triple-dipping. Pearlman presented the boys with a lavish party house for them to “bond” in and paid for the recording studios and, also, for lavish meals in eateries like Lawries.
The climax of the film seems to come when all of the boys are invited to such a dinner and told to bring their parents. It is far into the group’s success; they are pulling down millions. An envelope appears on each boy’s plate. They can only dream of the riches they now will receive for their hard work, since the per diem allowance to date has only been $35 a day, plus their comped food and living expenses.
When the checks were for only $10,000, Lance Bass says he went home and tore his up.
Lawsuits ensued, with the boy bands finding out that the contract(s) they had signed were very very good for Lou Pearlman but very very bad for them.
Then Lou went a step further and ultimately defrauded investors in Trans Continental Airways of half a billion dollars, of which only $38 million was ever recovered. Over two hundred investors lost all of their money. Some are interviewed in the film. Most are elderly couples who could not afford to lose their only inheritance.
Lou’s sole childhood friend, Alan Gross, had been a model plane assembler as a hobby. Pearlman took one such plane, painted a logo on the side of the model, and held it up with his hand against a backdrop of mountains to make it appear that he had an airline, Trans Continental. He didn’t.
Ultimately, Lou Pearlman died in disgrace at age 62 on August 19, 2016.